1. Provide data necessary to monitor the entire banking sector, including weekly data of deposits and liquidity positions.2. Prepare with the European Commission plans to restructure a first group of banks; July, mid-August.3. Finalize proposals for disclosure requirements; late July.4. Have consultants provide information required for stress tests , including results of the review of asset quality, by mid August 2012.5. Introduce legislation to apportion losses to several classes of shareholders and subordinated bondholders. Late August 2012.6. Update the bank resolution framework , ie, strengthen the powers of settlement with the FROB and the deposit insurance fund. Late August 2012.7. Prepare plans for a bad bank. End of August.8. Complete stress tests for all banks. Second half of September.9. Finish proposed regulation to improve transparency of banks. End of September.10. Banks with capital shortages to apportion losses to shareholders, preferred shareholders and holders of subordinated debt. Between October and December.11. Banks develop recapitalization plans. Early October.12. Plan to restructure or liquidate banks in a second group;October 2012.13. Improve Bank of Spain’s guidelines or binding rulings, but short of full regulatory powers. Late October 2012.14. Internal review of processes and decision making. Late October 2012.15. Legislation for a bad bank. Fall 2012.16. Improvements in credit reports. End of October.17. Develop proposals for the strengthening of non-bank financial intermediaries. Mid-November.18. Propose measures to strengthen the governing bodies of savings banks. End of November.19. Provide a road map for an eventual stock exchange listing of banks that have received state aid. End of November.20. Prepare legislation to clarify the role of savings banks in their capacity as shareholders of credit institutions to reduce their holdings to levels that do not involve control.21. Banks should provide standardized estimates of quarterly balance sheets. As of December 122. Present a policy paper on what to do after the expiry of the royal decrees 2/2012 and 18/2012, applying to the restructuring of the banking sector. Mid December 2012.23. Issue Cocos for a third group of banks. End-December 2012.24. Transferring the powers of enforcement and bank licensing from the finance ministry to the Bank of Spain. Late December.25. Require lenders to review strategies to address impair assets. Late December.26. Require that all Spanish credit institutions have at least 9% tier-one quality at least until late 2014. January 1, 2013.27. To review the rules governing the FROB and deal with conflicts of interests. January 1, 2013.28. Review the problems of credit accumulation in certain parts of the economy. Mid January 201329. Propose specific legislation to limit the sale by the banks of subordinated debt securities to retail customers. Late February 201330. Amend legislation to improve the credit registry. End of March 201331. Raising capital requirements for banks planning to increase equity. Late June 201332. Banks in the third Group with Cocos must submit restructuring plans . Late June 2013

According to Arrigo Sadun, IMF Executive Director for Italy, “The structural reforms introduced in the past few months and those planned will produce tangible benefits in the years ahead,” but in the short-term “could hardly be expected to spur aggregate demand.”

Wholesale deliveries, including multipurpose and sport utility vehicles, gained 16 percent to 1.28 million units last month, the China Association of Automobile Manufacturers said in a statement today. That compares with the 1.27 million average estimate of 14 analysts surveyed by Bloomberg.

Other news: OREX +8.7% (announced an update to the projected timeframe for completion of enrollment of the Light Study), OMPI +8.4% (filed an amendment to its Amended and Restated Certificate of Incorporation to eliminate the Certificate of Designation authorizing the issuance of 50,000 shares of Series A Preferred Stock and designating the rights, preferences and privileges thereof), PAY +4.9% (wins $35 million-plus contract for District of Columbia Taxi Systems), MJN +4.3% (following yesterday's weakness on reports related to baby formula, confirmed that the Hunan Provincial Credit Construction Promotion Council has issued an apology for erroneous reports based on invalid testing related to the presence of Vanillin in infant formula products), ARMH +3.4% (still checking), QCOR +3.2% (modestly rebounding), ANF +2.5% (NYPost reporting, citing sources, that ANF is preparing a 'massive share buyback'), SWHC +2.1% (Smith & Wesson discloses Asset Purchase Agreement with FutureNet Group), OSUR +1.9% (priced of an underwritten offering of 6.1 mln shares of its common stock at a price of $12.30/share), ONXX +0.9% (positive mention on MadMoney).

Analyst comments: SAP +1.7% (SAP upgraded to Buy from Hold at ThinkEquity), WEN +1.3% (upgraded to Outperform from Neutral at Wedbush), SINA +1.1% (initiated with a Overweight at HSBC Securities), BIDU +1% (initiated with a Overweight at HSBC Securities).

We believe the share price will rise in absolute terms over the next 60 days.

This is because the stock has traded off recently, making short term valuation much more compelling. Note that: 1) With Sina's share price at US$45-50, its Weibo service is largely valued for free. 2) We expect its ad sales to rebound in 2H, aided by improved ad sales from the auto sector, its leading ad category, and stronger ad demand from the Olympics.China’s auto sales rebounded 16% YoY in May (Xinhua), while major sports events (e.g., Olympics and World Cup) have historically added 10-20% incremental ad sales to Sina and Sohu, on our estimates. 3) Sina started to monetize its Weibo services. It debuted its display ad services in April, with encouraging initial advertiser feedback. It may also collect sales from premium membership, enterprise accounts and revenue sharing with third-party app developers on its "open platform", which would present ample upside.